EQUATE announces major drop in Q1-2019 sales and earnings

The construction of the US Gulf Coast plant of EQUATE Group remains on track to go on line before the end of 2019

Dr Ramesh Ramachandran, CEO and president of the EQUATE Group.
Dr Ramesh Ramachandran, CEO and president of the EQUATE Group.

The EQUATE Group announced its Q1-2019 unaudited earnings, reporting $294mn in EBITDA, a 49% decrease from $577mn in Q1-2018, and $889mn in revenue, a 28% decrease from $1,241mn in Q1-2018.

Net income after tax stood at $183mn in Q1-2019, a 57% decrease from $435mn in the same period last year.

Commenting on the results, Dr Ramesh Ramachandran, CEO and president of the EQUATE Group, said: “While downstream demand growth has remained stable, uncertainty of tariffs and volatility in global markets has unsettled our customers. The rapid rise in inventory ahead of the Chinese New Year has taken longer than expected to work out.

“Nevertheless, inventory at end-user customers seems to be at the lowest level we have seen in a long time. The bearish sentiment can be overcome when we remove the factors contributing to the uncertainty. Our focus at EQUATE will remain on being the safe, reliable and low-cost producer to ride out this phase of market uncertainty. The construction of the US Gulf Coast plant remains on track to go on line before the end of 2019.”

For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.

For all the latest refining and petrochemical news from the Middle East countries, follow us on Twitter and LinkedIn, like us on Facebook.

You may also like

BEUMER wins contract to supply bagging lines for Long Son Petrochemicals Complex in Vietnam
At Long Son Petrochemicals Complex in South of Vietnam, the BEUMER Group is working to ensure high levels of plant availability
Dow, DEEP C complete the first asphalt road using recycled plastics in Vietnam
The project pilots a circular economy solution to turn post-consumer recycled plastics into new, valuable resources
Borealis, Neste co-operate to accelerate circularity and bioeconomy in plastics
Borealis to produce renewable polypropylene using Neste’s renewable propane by end of 2019
ADNOC, Adani, BASF and Borealis sign MoU to evaluate teaming up for a $4bn chemical complex in India
Propane dehydrogenation unit to be established as raw material supply for acrylics value chain and polypropylene production

MOST POPULAR